
Obama speaks to young leaders as some Democrats push to pass the torchBenchmark indices on Wall Street pulled back from record high levels amidst caution around the upcoming inflation numbers and a fall in street darling Nvidia's shares. Share Market View All Nifty Gainers View All Company Value Change %Change The Dow Jones fell 250 points, continuing its underperformance to peers. The index has now declined in five out of the last six trading sessions. On the other hand, S&P 500 and Nasdaq retreated from their respective record high levels, declining 0.6% each. Nvidia shares fell over 3% after China opened a probe over suspicions that the chipmaker and currently the most valuable company in the world, broke anti-monopoly laws around a deal it made in 2020. Meantime, Chinese stocks that are listed in the US staged a sharp rally as top leaders in Beijing used their most direct language yet on providing monetary easing and boosting domestic consumption. The Nasdaq Golden Dragon China Index, which tracks the biggest Chinese stocks in the US, climbed nearly 10%, its strongest intraday gain since late September. Large-cap technology stocks including Alibaba Group Holding Ltd. and PDD Holdings Inc. rose more than 7% each in New York trading. Shares of Western companies with high revenue exposure in China also rallied. In the US, consumer names Estée Lauder Cos. and Amer Sports Inc. traded higher. In Europe, miners such as Rio Tinto Plc and luxury brands like LVMH led stock gains in the region’s equity benchmark. Data including Wednesday’s consumer price index will offer Fed officials a final look at the pricing environment ahead of their meeting the following week. Any indication that progress has stalled on the inflation front could well undercut the chances of a third straight reduction in rates. “This Wednesday’s inflation data may hold the key to the Fed’s next move,” said Jay Woods at Freedom Capital Markets. “So far results have been in line with economists’ expectations and haven’t scared the market. However, an upward surprise should raise eyebrows at the Fed and could put another rate cut on pause.” Treasury 10-year yields rose four basis points to 4.20%. The Bloomberg Dollar Spot Index rose 0.1%. Oil climbed as China signaled bolder stimulus for next year, with traders also keeping an eye on developments in the Middle East. The S&P 500 will extend its record-setting rally to 7,100 by the end of next year amid a strong economy, according to Oppenheimer Asset Management, whose outlook is now the most bullish among peers. Fundamentals “suggest the current resilience of the economy and the stock market appear poised to continue into next year,” the firm’s Chief Investment Strategist John Stoltzfus wrote in a note. Citigroup Inc. strategists expect mid-single-digit gains for the S&P 500 in 2025 amid increasing volatility, fueled by a soft landing of the US economy, artificial intelligence and Donald Trump’s policy promises. Their base-case target is 6,500 points for the S&P 500. The upper scenario is set at 6,900 and lower at 5,100; both the bull- and bear-case scenarios “frame an expectation for increased volatility,” the strategists wrote. (With Inputs From Agencies.)
New Delhi: Prime Minister Narendra Modi on Sunday said his government is making all efforts to ensure Odisha is counted among the strongest, prosperous and fastest-growing states of the country by 2036, when the eastern state will be celebrating its 100th foundation day. While addressing a gathering at the Odisha Parba event in Delhi, PM Modi on Sunday said that Odisha, which was once considered as a backward state, has huge potential in sectors like tourism, port-based industries, seafood export, steel, energy etc. "There is immense potential for port-based industrial development in Odisha. Therefore, trade will be promoted here by developing Dhamra, Gopalpur, Astaranga, Pallur, and Subarnarekha ports. Odisha is also the mining and metal powerhouse of India. This strengthens Odisha's position in the steel, aluminum and energy sectors. By focusing on these sectors, Odisha can explore new paths to prosperity," said PM Modi. ओडिशा की सांस्कृतिक समृद्धि, वास्तु और विज्ञान हमेशा विशेष रहे हैं। हमें यहां की हर पहचान को दुनियाभर में ले जाने के लिए निरंतर इनोवेटिव कदम उठाने हैं। pic.twitter.com/tEjjcWgeqn "Odisha records huge production of cashew, jute, cotton, turmeric and oilseeds, and it is our endeavour to ensure these products reach big markets and our farmers benefit from this. There is huge scope for expansion of trade in the seafood processing industry in Odisha. We are making efforts so that Odisha seafood becomes a brand and there is a huge demand for it in the international market. Odisha should become one of the preferred destinations for investors. Our government is committed to improving the Ease of Doing Business in Odisha," he further added. He also said that the BJP government in Odisha has given approval to investment proposals to the tune of Rs 45,000 crore during the first 100 days after coming to power. PM Modi noted that Odisha's huge potential can be used in the right direction to take it to new heights of development. Emphasising the strategic location of Odisha, PM Modi asserted: "I believe, Odisha can get a significant benefit from its strategic location. It is easy to access the domestic and international market from here. Odisha is an important hub for trade with East Asia and South-East Asia. The importance of Odisha in the global value chain will increase in the coming days. Our government is also working on the target to raise exports from Odisha." He said that Odisha has immense potential for urbanisation and the Central government is taking various concrete steps on this. He said the Union government is committed to the construction of dynamic and well-connected cities in large numbers. "We are endeavouring to develop tier-II cities of Odisha; especially new opportunities will be created in western Odisha districts with the development of new infrastructure," PM Modi said. He also mentioned the just-concluded famous Bali Yatra at Cuttack, calling it a symbol of India and Odisha's maritime prowess. Lauding the courage of the sailors of the past, the Prime Minister said that they were brave enough to sail and cross the seas despite the absence of modern technology like today. He added that the traders used to travel by ship to places like Bali, Sumatra, Java in Indonesia, which helped promote trade and enhance the reach of culture to various places. PM Modi also emphasised that today, Odisha's maritime power had an important role in the achievement of a developed India's resolve. He also remembered the contributions of saints and scholars from Odisha to the enrichment of culture in India. The Prime Minister remarked that the saints and scholars have played a great role in nourishing the cultural richness by ensuring great literature like Saral Mahabharat, Odia Bhagawat have reached the common people at their doorsteps. He added that there is extensive literature related to Mahaprabhu Jagannath in Odia language. He also said that the nation is remembering the contributions of Utkal Kesari Hare Krishna Mehtab whose 125th birth anniversary the government is celebrating on a large scale. PM Modi said that the culture of Odisha has greatly strengthened the spirit of 'Ek Bharat Shreshtha Bharat', in which the sons and daughters of the state have made huge contributions. "We can see many examples of the contribution of Odia literature to the cultural prosperity of India," PM Modi said. नई दिल्ली में ओडिशा पर्व पर आज यहां की समृद्ध विरासत और अद्भुत संस्कृति का साक्षी बनने का सौभाग्य मिला। pic.twitter.com/dlKuVhblco Meanwhile, PM Modi also took to X and wrote: "Today, I had the privilege of being a witness to the rich heritage and wonderful culture of Odisha at the Odisha Festival in New Delhi." The Prime Minister also shared a few photographs of the event. Union Minister for Railways, Information and Broadcasting, Electronics & IT, Ashwini Vaishnaw and Union Minister for Education, Dharmendra Pradhan, President of Odia Samaj, Siddharth Pradhan were also present at the occasion, among others.